The Firearm Sight Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Firearm Sight Global Market Report 2024, The firearm sight market size has grown strongly in recent years. It will grow from $1.59 billion in 2023 to $1.7 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to military and defense sector demand, civilian market expansion, influence of law enforcement needs, development of night vision sights.
The firearm sight market size is expected to see strong growth in the next few years. It will grow to $2.21 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to rapid development of reflex sights, customization and modular systems, advancements in materials and construction, rise in terrorism. Major trends in the forecast period include smart optical enhancements, customizable and modular systems, user-friendly controls and interfaces, advancement in training functionalities, wireless connectivity and integration.
Rising military expenditure is expected to propel the growth of the firearm sight market going forward. Military expenditure refers to the amount that a country spends on military measures or resources. Military expenditure is spent on new systems, upgrading existing systems, and performing research, development, testing, and evaluation of new systems that can promote the growth of market. For instance, in 2021, according to Stockholm International Peace Research Institute, a Sweden-based independent resource on global security, total global military expenditure increased by 0.7% to reach $2113 billion. Therefore, rising defense expenditure is driving the growth of the firearm sight market.
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The firearm sight market covered in this report is segmented –
1) By Type: Full Size, Microdots, Mini Reflex
2) By Platform: Ground-Based, Air-Based, Sea-Based
3) By Application: Hunting, Armed Forces, Other Applications
Major companies operating in the firearm sight market are focused on developing new innovative products, such as thermal rifle scopes, to strengthen their position in the market. For instance, in July 2023, American Technologies Network, Corp. (ATN), a US-based leader in the tech optics industry and manufacturer of high-end night vision devices, launched the Next Generation ThOR 5 XD and 5 XD LRF Series Smart HD Thermal Rifle Scopes, an advanced, first-to-market 1280×1024, 60Hz 12-micron ultra-sensitive HD thermal sensor, further enhancing hunting enthusiasts’ experience in the field. The ThOR 5’s faster quad-core processor, which can run processes independently of the other cores, enables users to record and stream video simultaneously. The more compact design of the smart HD rifle scopes makes for a more convenient usage experience. With the help of ATN’s online reticle editor, customers of the fifth-generation product line can create their own personalized reticle, selecting from a wide range of colors, intensities, and forms.
The firearm sight market report table of contents includes:
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